8
Feb
First-time buyers advised to stick to their budgets
People looking to purchase a home for the first time have been
advised to set a budget for the entire process and stick to it to
avoid unnecessary stress.
Dan Clayden of independent financial advisers Clayden Associates
explained that first-time buyers need to stop themselves from
getting carried away.
"Before you go over budget, make sure that you take account of all
the financial implications of house buying," he said.
This includes stamp duty, conveyancing and legal fees and home insurance,
he added.
Mr Clayden made his comments as part of research carried out by
Unbiased.co.uk, which compiled a list of hints for those making
their first foray into property ownership.
Other suggestions for new homeowners from industry professionals
included improving their credit rating by paying bills promptly and
in full each month, as well as researching shared ownership schemes
if saving a deposit is likely to be a challenge.
In news that could be of interest to existing homeowners, research
released by moneysupermarket.com on February 8th revealed that
those considering remortgaging could be better off with a tracker
rate rather than a standard variable rate product.